MoneyOnMobile, (OTCQB: MOMT), one of India’s largest phone-based payment networks, announced the company has completed a $5 million raise from the S7 Group, a private aviation and aerospace holding company in Russia. The raise will provide new capital through the issuance of Series H Convertible Preferred Shares.
“The S7 Group has implemented several new technological improvements to various operations and payment processes across our holdings. We look forward to using our world-class expertise in India’s fast developing payments market to continue MoneyOnMobile’s growth,” Oleg Gordienko, S7 Group Investment director, said.
“We are excited to have the institutional investment support from the S7 Group,” MoneyOnMobile chairman and CEO Harold Montgomery said. “This capital infusion will enable us to continue to execute our business plan and drive growth across our product lines. As part of the deal we will bring to our board a strategy for how to leverage technologies the S7 Group has used to identify new growth opportunities, and will benefit from their experience in this area.”
Terms of the Series H investment structure can be found in the 8k filing here: